A bankruptcy judge on Friday approved Kodak's proposed sale of its digital imaging patents to a consortium lled by Intellectual Ventures and RPX Corp.

According to the plan, which was announced by Kodak last December, will bring Kodak closer to to exiting Chapter 11 as the company will receive approximately $525 million for its patent, which will be purchased by a consortium of some of the world's biggest technology companies, including Adobe Systems, Amazon.com, Apple and Fujifilm Holdings Corp. and led by Intellectual Ventures and RPX.

The successful transaction also automatically settles current patent-related litigation between the participants and Kodak.

The Kodak bankruptcy case is In Re: Eastman Kodak Co. et al, U.S. Bankruptcy Court, Southern District of New York, No. 12-10202.